As a young business person, it is likely that you have had to work harder than most people to set up your business.
With this in mind, it would make sense to not let this hard work go to waste in the event of your untimely death or critical illness.
Here are a couple of business-related insurance policies available from the likes of lifeinsurance.org.uk that you might want to consider purchasing to provide financial protection to your business partners or yourself in the event of theirs:
Business life insurance
Even as a responsible young person, it is unlikely that you have considered what will happen to your business partners in the event of your untimely death.
Would the beneficiaries need to sell their inheritance in order to pay death duties and taxes? Would there still be a business loan to pay off? Would the business have to hire someone to your job in the event of your unfortunate absence?
Business life insurance is a great way of answering these questions before they are even asked – should the absolute worst occur, your business associates or partners will have fewer financial problems and will be able to keep the business afloat.
It is highly advisable that after to obtain your key life insurance quotes you write you obtain your business life insurance as a policy holder rather the family of those being insured. That way those left running the business upon your demise will be able to use the funds as they wish.
Key man insurance/key man life insurance
Key man life insurance is very similar to normal individual life insurance except that upon the death of the policy holder (you), the recipient will actually be your business rather than your family.
Those left running your business will then be able to source, employ and pay a replacement, to buy or sell shares or to provide extra income for your family.